I have the same situation. I applied for my INK card as the bloggers were all extolling the new benefits but the card wasn't yet live. I prefer the new benefits and tried both thru secure messaging and a phone call to get Chase to switch my card. I was told to apply for the new card - and that I would get the bonus on the new card. I will not need the old card once I am approved for the new, but do not want to give it up til the new card is assured. I expect that when I apply, I will need to go thru reconsideration.